Most people don’t stop to think how green cryptocurrencies are. It’s more or less natural because coins that exist only as bits on the internet do not suggest any kind of obvious ecological impact in the real world. Before we talk about Ripple’s XRP, let’s take Bitcoin, mother of all coins, as an example. Is it green?
It uses more than $300,000 USD of electricity daily. According to some estimations, Bitcoin is burning as much energy as Ireland every year, and that’s just one-third of the whole cryptosphere. How does that happen?
Creating blocks for Bitcoin’s blockchain needs solving a complex mathematical problem called SHA-256 collision. This problem is so complex that normal personal computers can’t manage it fast enough to support the network. That’s why most serious miners use custom hardware to do this calculation. The computation is very processor-intensive, and that takes energy. A lot of energy. Every mining machine is at 100% every day, of every week, of every month.
That’s not everything. As time goes by, Bitcoin’s protocol is designed to do two things: to increase the SHA-256 calculation level of difficulty and to produce half as many coins per block. In the beginning, every new block produced 50 new bitcoins.
After two halvings in 9 years, blocks produce 12.5 coins right now and by May 2020, the number will go down to 6.25. If you put both things together, it means that as Bitcoin gets older, it takes a lot more energy to produce fewer and fewer blocks and coins. And the network is already sucking a huge amount of energy.
The idea behind the protocol is to ensure that bitcoins are not only limited but also scarce so that there is no inflationary pressure on the token.
SAP : Blockchain’s Energy Crisis
I Great Example of XRP efficiency
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) November 28, 2018
Is it worth it, though? Well, it depends. From the point of view of keeping the Bitcoin network going, it’s 100% worth it. But if you’re a miner you need to profit from your activity and that depends greatly on the token’s price. According to some estimations, it takes $7,000.00 worth of electricity to produce a single Bitcoin, but that fluctuates widely depending on the country you live in because the cost of power is very different everywhere. But at Bitcoin’s current price (just above $4k), many miners around the world are taking losses. At least until the price goes over $7,000 again.
All this begs a question, can Bitcoin really become the future’s currency if it’s not green? And, if not, what other options do we have?
There’s good news in this regard. We have the blockchain 3.0. In many of these projects all tokens were pre-mined before they entered the market so the energy expenditure is not as high because it used just to keep the network’s nodes online; also because block production in these new blockchains is nowhere near as complex as it is in Bitcoin.
The poster boy currency when it comes to being green is probably Ripple because its consensus mechanism is relatively light and all the XRP tokens are in existence already. And this is not an “exotic” currency. Currently, it’s the world’s second coin by market capitalization and some bold observers believe that it’s the only coin that really has a chance to give Bitcoin a run for its money sometime in the future.
So you want to be in the cryptosphere and take care of your planet at the same time? Then Ripple’s XRP is a good option.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image Courtesy of Pixabay.
How Cryptocurrencies Will Change Online Gambling in the Future
Anyone who has followed online gambling since the beginning can tell you that things don’t stay the same for long. One of the reasons for this is that technology improves at such a ridiculously fast pace, and innovators in this industry are able to match up with those technological changes pretty quickly.
An innovation in technology that the Internet gambling industry has really learned from is cryptocurrency, with bitcoin in particular leading the way. We’ve seen it emerge as an alternative banking method, but it’s going to change the industry as a whole in ways that people can’t quite understand yet.
A Post-Legality Era
Something that has eluded online gambling since its inception is the idea of a global governing body. As it stands right now, each individual country (and smaller units of jurisdiction) have their own governing bodies that oversee in the industry. A lot of these laws are tied to banking laws, and that’s where the legality of playing in bitcoin casinos becomes such an interesting topic.
In the present, we’re seeing country-based regulatory bodies from places like Malta, Gibraltar and the United Kingdom start to work together and recognize each other’s licenses more and more. That’s taking serious steps towards having a global governing entity, and once that happens, the role of bitcoin is going to be even larger than it is now because it’ll…
VOLUM (VLM) Announces Commencement of Token Generation Event
ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.
Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.
The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.
“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…
How to Secure Yourself in Relation to Bitcoin: Top VPN Services
Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.
Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.
What is a VPN?
Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.
While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.
Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…
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